House prices on the rise

Statistics from Residex data has shown national house prices rose 0.7 per cent in June after a 2.1 per cent climb in May.

This figure is just 0.5 per cent down from the peak in May 2008.

The company’s senior economist Matthew Hassan said units have outperformed houses with an overall increase in the year to June of 3.4 per cent, with Sydney and Melbourne recording increases of 11.4 per cent and 11.5 per cent respectively.

Mr Hassan said the recent price growth signals a return to property wealth building and consumer demand.

Statistics from Residex data has shown national house prices rose 0.7 per cent in June after a 2.1 per cent climb in May.

This figure is just 0.5 per cent down from the peak in May 2008.

The company’s senior economist Matthew Hassan said units have outperformed houses with an overall increase in the year to June of 3.4 per cent, with Sydney and Melbourne recording increases of 11.4 per cent and 11.5 per cent respectively.

Mr Hassan said the recent price growth signals a return to property wealth building and consumer demand.